London — February 10, 2026, 10:52 GMT. Regular session.
- FTSE 100 edged down 0.4% at the open, as BP and Standard Chartered weighed most on the index.
- BP slipped after hitting pause on its share buyback program, while AstraZeneca edged higher, buoyed by a stable outlook for 2026.
- Sterling slipped, pressured by political jitters and growing rate-cut speculation, leaving domestic sentiment unsettled.
London shares slipped early Tuesday, dragged lower as BP tumbled and Standard Chartered took a steep hit, more than offsetting AstraZeneca’s advance. By 0845 GMT, the FTSE 100 was off 0.4% at 10,341.94. 1
The index is still hovering near last week’s record highs, yet the action is choppy—earnings from big names, political headlines, and changing rate expectations all in play. The FTSE 100 edged up 0.16% on Monday, with miners leading. Gains, however, ran into resistance, as questions about Prime Minister Keir Starmer’s future weighed on sentiment. 2
Sterling slipped 0.2% to $1.3669, with the euro last seen at 87.19 pence. The pound remained twitchy, reacting to headlines tied to British politics and the Bank of England’s next move. Lee Hardman, senior currency analyst at MUFG, flagged Labour’s “resistance” to a leadership challenge before May’s local elections—a dynamic he said might limit the risk of a steeper selloff. 3
BP shares slid roughly 5% after the company hit pause on its share buyback program and logged around $4 billion in write-downs tied to renewables and biogas. Fourth-quarter underlying replacement cost profit landed at $1.54 billion, while net debt edged down to about $22 billion. Biraj Borkhataria at RBC called the decision to stop buybacks “stands in stark contrast” with rivals sticking to their payout plans. 4
AstraZeneca shares jumped close to 4% after the company projected consistent growth into 2026, fueled by robust cancer drug sales—even as looming patent losses on key products draw closer. Chief executive Pascal Soriot called it “a very strong year” and signaled expectations for “a step up” in revenue in the current period. Barclays analysts summed up the update as “reassuring”. 5
Shares of Standard Chartered dropped 4.1% at the start of London trading after CFO Diego De Giorgi exited the firm. Jefferies analysts described his exit as “a particular blow” for the bank, noting his involvement in efforts to rein in costs and boost efficiency. The bank appointed Peter Burrill to step in as interim CFO. 6
Barclays stood out, climbing 1.5% after it posted 2025 profit before tax of 9.1 billion pounds and boosted its targets. The board also approved a 1 billion pound share buyback. Finance director Anna Cross pointed to “a number of levers” the bank can pull to ease any hit from a proposed U.S. cap on credit-card fees. Still, Citi analysts flagged lingering caution from investors regarding Barclays’ U.S. consumer push. 7
Outside the blue-chip arena, the latest consumer snapshot managed a modest lift for domestic mood. The British Retail Consortium reported total retail sales up 2.7% year-on-year in January—food climbed 3.8%, non-food gained 1.7%. “A drab December gave way to a brighter January,” BRC chief executive Helen Dickinson remarked. KPMG’s Linda Ellett flagged discounts as the main draw for electronics, furniture and kids’ goods. 8
Energy offered little support. Brent crude slipped 24 cents, settling at $68.80 a barrel, with traders eyeing U.S.-Iran tensions but seeing no clear sign of supply outages. 9
But things can turn fast. BP’s overhaul continues to draw attention to the financials of Europe’s oil giants. Sterling faces ongoing pressure from UK political uncertainty, weighing on stocks sensitive to interest rates. And a jolt in U.S. data? That can shake up global rate expectations in no time.
Attention turns to U.S. economic numbers expected Wednesday, and a fresh batch of UK earnings, with NatWest reporting Friday and HSBC set for February 25, as investors seek new catalysts for London equities.
